by Chris Becker

Looks like nothing can stop the slide in the iron ore complex with falls across the board in spot, swap, Dalian and rebar futures (May) and benchmark fines almost at a five year low:

And the charts:

With Citi forecasting a sub-$60 level for the remainder of the year and no restocking in sight as mills use laden port stocks as seaborne supply continues apace the equation has not changed for iron ore in either the medium or long term. It hasn’t stopped the push for new mines being opened in Western Australia, where its seems desperation has set in as the EPA knocks back plans for two additional open cut mines.

Texture from ABC:

A decision by WA’s environmental watchdog to knock back plans for two new iron ore mines in the state’s Mid West has been criticised by the Chamber of Minerals and Energy (CME).

A new report by the Environmental Protection Authority said the open pit mines proposed by Polaris Metals would cause irreversible environmental consequences for the ancient Helena-Aurora Range, about 500 kilometres north-east of Perth.

The EPA said the range was one of the last remaining “banded iron formation” landforms in the region not to be mined and the new operations would lead to the loss of rare flora and critical habitat.

But, the CME’s Kane Moyle said he was concerned about the authority’s stance on the area.

“The early ‘no’ that the EPA has taken here hasn’t afforded the proponent the ability to do a full public environmental review,” he said.

“We’re concerned that this presumption against development isn’t affording projects procedural fairness.

“What we’ve seen in the past with this region is that governments have identified that mining and conservation can co-exist.

“CME is concerned about the EPA’s presumption against further development in the Mid West banded iron formations.”

Hey chaps. You’ve got more than enough supply with not enough demand as far as the eye can see. Let it go.

And you’re not going to be able to pull the wool over the eyes of a reeling WA State government whose treasury is in tatters due to iron ore royalties:

The company said its existing Carina mine in the region demonstrated its expertise in the area in making sure key infrastructure was located away from sensitive areas.

It said the project would generate about 2,000 jobs and contribute $1 billion of royalties but conceded those figures were compiled before the iron ore price slipped below $US70 a tonne.

Thats quite a big concession isn’t it?

Daily iron ore price update (slipping)